What is the Price of bad credit?
Date: Mon, 11/02/2009 - 16:28
I am really in a jam, and I do not know what to do. As a business owner, I borrow, and then pay back, borrow for a project and pay back. The old adage is true, it takes money to make money, and thats what I've done.
Well, at least up until the banks pulled the rug from under everyone. With each line I pay off, they snatch back the line and shut it down. If I try to even use one of those cash advance checks, they are not honored, but thats not the worse part.
Bank of America had a the nerve to shut the line off the day I used my check. They charged my bank account AND the credit account a $39 fee. They then illegally pulled my credit, and it was a HARD inquiry on my credit report!!! It gets better..
They then write me a letter saying they shut off the line because I have enough credit, and added insult to injury telling me where I can go for debt management counseling, WHAT!!!!
Here is my question. Because the banks are snatching down their lines, and there is no more credit out there, it seems to me, in order for me to continue on in my business is to KEEP the money I make, and not pay on my lines anymore.
I hear that Bank of America is willing to negotiate after you stop paying for 90 days. I've been hurt by other banks too. Wells Fargo, Advanta, etc.. I paid down my lines, and they were snatched away. That money was better served with me keeping it.
Bank of America harrasses me for payment before the payment is even due. I've never missed a payment, but unfortunately, they have a lot of my accounts because they bought everything!!! Now they are saying I have too many accounts.
I am so upset and disgusted, I willing to let everything go down the drain, and I am staying in good standing with my credit union, and this other bank I've had for 20 years. But Bank of America, Wells, they can kiss my butt!! (Advanta, I am afraid to mess with them, since they are actually suing people, and do not have to follow the fair debt or collections acts, etc.. they are in Utah)
Does any one have any advice on this? I am thinking about going into default, changing my phone numbers, etc.. and then just offering them a deal around the 90 mark.
Well, at least up until the banks pulled the rug from under everyone. With each line I pay off, they snatch back the line and shut it down. If I try to even use one of those cash advance checks, they are not honored, but thats not the worse part.
Bank of America had a the nerve to shut the line off the day I used my check. They charged my bank account AND the credit account a $39 fee. They then illegally pulled my credit, and it was a HARD inquiry on my credit report!!! It gets better..
They then write me a letter saying they shut off the line because I have enough credit, and added insult to injury telling me where I can go for debt management counseling, WHAT!!!!
Here is my question. Because the banks are snatching down their lines, and there is no more credit out there, it seems to me, in order for me to continue on in my business is to KEEP the money I make, and not pay on my lines anymore.
I hear that Bank of America is willing to negotiate after you stop paying for 90 days. I've been hurt by other banks too. Wells Fargo, Advanta, etc.. I paid down my lines, and they were snatched away. That money was better served with me keeping it.
Bank of America harrasses me for payment before the payment is even due. I've never missed a payment, but unfortunately, they have a lot of my accounts because they bought everything!!! Now they are saying I have too many accounts.
I am so upset and disgusted, I willing to let everything go down the drain, and I am staying in good standing with my credit union, and this other bank I've had for 20 years. But Bank of America, Wells, they can kiss my butt!! (Advanta, I am afraid to mess with them, since they are actually suing people, and do not have to follow the fair debt or collections acts, etc.. they are in Utah)
Does any one have any advice on this? I am thinking about going into default, changing my phone numbers, etc.. and then just offering them a deal around the 90 mark.
Occ
I would make a complaint to the OCC and follow that up with a letter to the CEO (certified mail)
